Singapore legislation

Regulation 2

of Precious Stones and Precious Metals (Prevention of Money Laundering, Terrorism Financing and Proliferation Financing) Regulations 2019

Regulation 2

Definitions

Subregulation 1

In these Regulations —

Definition

“beneficial owner”, in relation to an entity or a legal arrangement, means —

(a)

an individual who ultimately owns or controls the entity or legal arrangement;

(b)

an individual who exercises ultimate effective control over the entity or legal arrangement; or

(c)

an individual on whose behalf the entity or legal arrangement conducts any transaction with a regulated dealer;

Definition

“business day” means a day other than a Saturday, Sunday or public holiday;

Definition

“business relationship” means a relationship between a customer and a regulated dealer arising from the regulated dealer carrying on any regulated activity, and includes a single transaction or designated transaction as defined in section 15 of the Act which the regulated dealer enters into or intends to enter into with a customer;

Definition

“close associate”, in relation to a politically‑exposed person, means —

(a)

a partner of the politically‑exposed person;

(b)

a person accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of the politically‑exposed person;

(c)

a person whose directions, instructions or wishes the politically‑exposed person is accustomed or under an obligation, whether formal or informal, to act in accordance with; or

(d)

a person with whom the politically‑exposed person has an agreement or arrangement, whether oral or in writing and whether express or implied, to act together;

Definition

“family member”, in relation to a politically‑exposed person, means a spouse, a child, an adopted child or a stepchild, a sibling, an adopted sibling or a stepsibling or a parent or step‑parent, of the politically‑exposed person;

Definition

“foreign country or territory” means a country, territory or jurisdiction other than Singapore;

Definition

“identifying information” means all of the following information:

(a)

full name, including any alias used;

(b)

date of birth, for an individual;

(c)

address, which must be —

(i)

for an individual, the address of the individual’s usual place of residence; or

(ii)

for a body corporate or unincorporate, the address of its registered office and principal place of business; (d)contact number or numbers;

(e)

nationality, for an individual, or place of incorporation or registration, for a body corporate or unincorporate;

(f)

identification number, which must be —

(i)

for an individual, an identity card number, a passport number, a taxpayer identification number, or the number of any other document of identity issued by a government as evidence of the individual’s nationality or residence and bearing a photograph of the individual; or

(ii)

for a body corporate or unincorporate, a registration number, or the number of any other document issued by any government certifying the incorporation, registration or existence of the body corporate or unincorporate;

(g)

the type of identifying document mentioned in paragraph (f) and the expiry date (if any) of the identifying document;

(h)

occupation, for an individual, or business, for a body corporate or unincorporate;

Definition

“Monetary Authority of Singapore” means the Monetary Authority of Singapore established by section 3 of the Monetary Authority of Singapore Act 1970;

Definition

“net price”, in relation to any precious stone, precious metal, precious product or asset‑backed token sold or purchased by a regulated dealer, means the list price of the precious stone, precious metal, precious product or asset‑backed token sold or purchased —

(a)

deducting any discount or rebate given by the regulated dealer in connection with that sale, or to the regulated dealer in connection with that purchase, as the case may be; but(b)including —

(i)

any tax charged on that sale or purchase, as the case may be; and

(ii)

any fee or charge imposed by the regulated dealer in connection with that sale, or on the regulated dealer in connection with that purchase, as the case may be;

Definition

“place of business”, in relation to a registered dealer, means —

(a)

the address of any place where the registered dealer maintains a fixed place of business in Singapore to carry out the business of regulated dealing or business as an intermediary for regulated dealing; or (b)if the registered dealer does not have a fixed place of business in Singapore —

(i)

the registered office of a registered dealer that is a company or firm; or

(ii)

the usual place of residence of a registered dealer who is a natural person;

Definition

“politically-exposed person” means an individual who is or has been entrusted with a prominent public function —

(a)

in Singapore;

(b)

in a foreign country or territory; or

(c)

in an international organisation;

Definition

“proliferation financing” means the financing of proliferation of weapons of mass destruction;

Definition

“prominent public function” includes the role held by a head of state, head of government, government minister, senior civil or public servant, senior judicial or military official, senior executive of a state‑owned corporation, senior political party official, member of the legislature or member of the senior management of an international organisation, including a director, deputy director or member of a board or an equivalent function;

Definition

“regulated activity”, for a registered dealer, means a business of regulated dealing or business as an intermediary for regulated dealing;

Definition

“relevant country or territory” means a foreign country or territory that is subject to a call made by the FATF (through a public statement, notice or directive published on its official website at https://www.fatf-gafi.org) for countermeasures or enhanced customer due diligence measures.

Subregulation 2

For the purposes of paragraph (a) of the definition of “net price” in paragraph (1) —

(a)

the reference to a discount or rebate given by a regulated dealer in connection with a sale by the regulated dealer excludes —

(i)

any amount paid by cash or cash equivalent in connection with the sale; and

(ii)

any amount deducted from —

(A)

an amount due to the customer in respect of the sale of any other goods by the customer to the regulated dealer; or

(B)

an amount deposited by the customer with the regulated dealer in respect of the sale mentioned in sub‑paragraph (i) or otherwise; and

(b)

the reference to a discount or rebate given to a regulated dealer in connection with a purchase by the regulated dealer excludes —

(i)

any amount paid by cash or cash equivalent in connection with the purchase; and

(ii)

any amount deducted from —

(A)

an amount due to the regulated dealer in respect of the sale of any other goods by the regulated dealer to the person from whom the regulated dealer makes the purchase; or

(B)

an amount deposited by the regulated dealer in respect of the purchase mentioned in sub‑paragraph (i) or otherwise.

Read in full context — Precious Stones and Precious Metals (Prevention of Money Laundering, Terrorism Financing and Proliferation Financing) Regulations 2019 →